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Author Archives: Sahar

Pricol divests 49% stake in joint venture with Denso corporation to Japanese partner for Rs 20 crore

TOKYO: Auto component firm Pricol said it has divested its 49 per cent stake in the joint venture with Denso Corporation to the Japanese partner for Rs 20 crore. Pricol Ltd sold its 49 per cent of shareholding in Denso Pricol India Pvt Ltd to Denso Corporation, Japan for a consideration of Rs 200 million,” Pricol Ltd said in a ... Read More »

HM Revenue & Customs needs to spend £600 million to replace its £10b Aspire contract with Capgemini

LONDON: HM Revenue & Customs (HMRC) will need to spend £600 million to replace its £10 billion Aspire contract with Capgemini, the department’s chief information and digital officer Mark Dearnley (pictured) has revealed. The contract, which was signed in 2004 and due to expire in June 2017 at a cost of £10.4 billion, was already the most expensive technology contract ... Read More »

Global central banks’s FII share increases by 15% to $60b in Indian debt markets

NEW DELHI: A stable currency, low volatility in bond yields, and a relatively high risk-adjusted return have prompted many global central banks to increase their investments in India’s debt markets in the past three years. According to data compiled by ETIG, of the total FII investment in India’s debt markets, the share of global central banks has increased to 15% ... Read More »

Turkey builders to sign $5 billion refinancing package for $7.5 billion toll road project

ANKARA: A group of mostly Turkish builders led by Astaldi SpA constructing a toll road from Istanbul to Izmir expects to sign a $5 billion package to refinance existing loans and gain fresh funding for the $7.5 billion project. The consortium, which also includes Nurol Insaat, Makyol Insaat and Ozaltin Insaat, will refinance $2 billion of loans secured for the ... Read More »

Turkey unemployment rate increases to 4-year high of 10.9% in 2014

ANKARA: Turkey’s unemployment rate rose to a four-year high of 10.9 percent in December 2014, up from 10.7 percent in November 2014 and 10 percent in December 2013, according to the Labor Force Statistics data released by the Turkish Statistics Institute (TÜİK). The non-agricultural unemployment rate rose to 12.9 percent, while the youth unemployment rate for the 15-24 age group ... Read More »

$10b project: Azerbaijan pipeline to supply gas to Turkish and EU consumers

ANKARA: Turkey and Azerbaijan will formally begin construction on a new gas pipeline costing over $10 billion which will pump gas from the vast Azerbaijani Shah Deniz 2 field across Anatolia to Turkish and EU consumers. Turkish President Recep Tayyip Erdogan and Azerbaijani counterpart Ilham Aliyev will attend the ceremony marking the start of work on the pipeline in the ... Read More »

New car registrations in Europe rise 7% in February

BERLIN: New car registrations in Europe rose 7 percent in February, industry data showed, fuelled by double-digit sales growth in Italy and Spain, and as demand shifted from no-frills makes like Dacia towards mass market brands like Volkswagen and Renault. New registrations in the European Union (EU) and countries of the European Free Trade Association (EFTA) rose to 958,145, data ... Read More »

Australia must cut corporate tax rate to 25% to save local jobs, revenue

CANBERRA: Australia should aim to cut the corporate tax rate to 25 per cent to stop businesses moving offshore. That’s the view of business consultants BDO, which says it not only costs Australian jobs when a business moves elsewhere, but also millions of dollars in lost revenue. At 30 per cent, Australia’s corporate tax rate is higher than all but ... Read More »

New car registrations in Europe rise 7% in February

BERLIN: New car registrations in Europe rose 7 percent in February, industry data showed, fuelled by double-digit sales growth in Italy and Spain, and as demand shifted from no-frills makes like Dacia towards mass market brands like Volkswagen and Renault. New registrations in the European Union (EU) and countries of the European Free Trade Association (EFTA) rose to 958,145, data ... Read More »

UK customs seizes 581000 smuggled cigarettes worth €278880, 26000 litres oil, €60000 cash

LONDON: Revenue officials continued their crackdown on the black market with seizures of oil, cash and cigarettes in a number of operations in North Louth. In a joint operation with their colleagues in the North’s customs, HMRC, officers from the Revenue, backed up by Gardai, seized around 581,000 smuggled cigarettes with an estimated retail value of €278,880 and potential loss ... Read More »

Turkey needs to introduce structural reforms to maintain sustainable economic growth: Ali Babacan

ANKARA: Turkey needs to continue to make reforms to achieve a functioning democracy at internationally high standards while maintaining sustainable economic growth, Turkish Deputy Prime Minister Ali Babacan said at the Uludağ Economy Summit. The establishment of a new constitution will be one of the most significant steps for Turkey to make in the near future. The new constitution must ... Read More »

TSB receives £1.7b takeover approach from Spain’s 5-biggest bank Sabadell

AMSTERDAM: TSB has received a £1.7 billion takeover approach from one of Spain’s biggest banks which could boost its efforts to compete with high-street rivals. Shares in the FTSE 250 challenger bank soared 62p to 326p after it signalled support for a proposed 340p-a-share cash offer from Sabadell, Spain’s fifth-biggest bank. Lloyds Banking Group – which spun off TSB last ... Read More »

Stuart Thomson Gulliver sells 42,912 shares of HSBC

BRUSSELS: HSBC Holdings plc insider Stuart Thomson Gulliver sold 42,912 shares of HSBC Holdings plc. The shares were sold at an average price of GBX 561.24 ($8.28), for a total transaction of £240,839.31 ($355,325.04). A number of analysts have recently weighed in on HSBA shares. Analysts at Goldman Sachs upgraded shares of HSBC Holdings plc to a “buy” rating and ... Read More »

HSBC sneaks out details of £4m windfall for 11 executives, £500,000 for under-fire boss Stuart Gulliver

BRUSSELS: HSBC sneaked out details of a £4 million windfall for 11 executives, including more than £500,000 for under-fire boss Stuart Gulliver. The scandal hit lender released the details at 4.45pm, when stock market trading had finished and many City workers would have gone home for the weekend. The awards represent the final tranche of an annual shares bonus awarded ... Read More »

Italy PM’s cabinet okays plan to use 6 billion euros for ultra fast broadband grids

ROME: Italian Prime Minister Matteo Renzi’s cabinet approved a plan to use 6 billion euros of public funds ($6.7 billion) to encourage phone carriers to boost high-speed networks in the country. The six-year initiative, announced by Renzi’s undersecretary Graziano Delrio on Tuesday, won’t require Telecom Italia SpA, the country’s biggest phone company, to carry out a mandatory switch off its ... Read More »

Euro zone factories’ output dips 0.1% in January

BRUSSELS: Euro zone factories fell slightly in January, but Thursday’s data also showed evidence to support hopes that the bloc’s fragile economy may be recovering. Industrial production in the 19 countries sharing the euro fell 0.1 percent from December, the EU’s statistics office Eurostat said, compared to the 0.2 percent rise forecast by economists polled by Reuters. Still, on an ... Read More »

European Union to scrutinise compatibility of Belgian tax provision with EU state aid rules

BRUSSELS: The European Commission opened an in-depth investigation regarding the compatibility of a Belgian tax provision with EU state aid rules, which prohibit the granting to specific companies of selective advantages that distort competition in the Single Market. The provision under investigation concerns section 185§2, b) of the Belgian Income Tax Code (Wetboek Inkomstenbelastingen/Code des Impôts sur les Revenus) enabling ... Read More »

Italy industrial production dips 0.7% in Jan after 0.4% rise in Dec

ROME: Italy’s industrial output unexpectedly fell in January, signaling that the economy may fail to emerge from a record-long recession this quarter. Production decreased 0.7 percent from December, when it rose 0.4 percent, national statistics office Istat said in Rome. Economists had forecast a 0.2 percent increase, according to the median of 19 estimates in a Bloomberg News survey. Output ... Read More »

Norway sovereign wealth fund surges 544 million kroner in 2014

OSLO: Norway’s sovereign wealth fund rose 544 billion kroner ($67 billion) last year as it broadened its holdings to capture more growth in emerging and frontier markets. The Government Pension Fund Global returned 7.6 percent in 2014, its smallest gain since 2011, the Oslo-based investor said on Friday. The $860 billion fund’s stocks rose 7.9 percent and its bonds advanced ... Read More »

Abolishing IR35 to hit Exchequer with £550 million anual loss: UK customs

LONDON: Abolishing the IR35 regime would prove far more costly to the public purse than continuing to operate it, HM Revenue & Customs claims. According to figures released this week, continuing to operate IR35 will incur administrative costs of £16m, while repealing it would hit the Exchequer to the tune of £550m per year. The legislation, designed to prevent people ... Read More »